SEOUL, Aug. 10 (Korea Bizwire) — Indian carmaker Mahindra & Mahindra Ltd. will give up its status as the biggest shareholder of SsangYong Motor Co. if it finds a new investor, the South Korean company said Monday. Mahindra’s board of directors recently agreed to lower the company’s 74.65 percent stake in SsangYong Motor to below [...]
SEOUL, June 15 (Korea Bizwire) — The fate of SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., depends on whether it can receive financial help from either its parent firm or creditors and achieve a rebound in its sales, industry sources said Monday. Mahindra hinted at the possibility of [...]
SEOUL, June 14 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., is facing yet another stumbling block in its efforts to return to normal as its parent signals a potential exit, industry sources said Sunday. Faced with increased losses, Mahindra & Mahindra is considering selling its [...]
SEOUL, May 18 (Korea Bizwire) — The auditor of SsangYong Motor Co. recently refused to deliver an opinion on the carmaker’s ability to run normally as a company after it posted a sharply widened net loss in the first quarter, SsangYong Motor said Monday. In the company’s first-quarter earnings report to the financial regulator, KPMG [...]
SEOUL, April 12 (Korea Bizwire) — SsangYong Motor Co. said Sunday its parent Indian carmaker Mahindra & Mahindra Ltd. will inject 40 billion won (US$33 million) into its Korean unit to help it stay afloat amid a growing coronavirus impact on the auto industry. In SsangYong’s extraordinary board meeting held Friday, Mahindra Managing Director Pawan [...]
SEOUL, April 8 (Korea Bizwire) — The head of India’s Mahindra and Mahindra Ltd. has ruled out plans to pull out of South Korea’s troubled SsangYong Motor Co., the carmaker said Wednesday, as it is working to resolve a looming credit crunch. Pawan Goenka, managing director and CEO of the Indian conglomerate, gave the assurance [...]
SEOUL, April 6 (Korea Bizwire) — SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., is facing a new survival crisis for the first time in nine years, after its parent decided not to inject addition funds into the company. Mahindra Group’s car manufacturing affiliate opened a special board meeting [...]
SEOUL, Jan. 18 (Korea Bizwire) — Mahindra & Mahindra Ltd. has vowed to turn around cash-strapped South Korean unit SsangYong Motor Co. in a move to secure fresh loans and a rollover of existing debts, the country’s state-run lender said Friday. Mahindra & Mahindra Managing Director Pawan Goenka flew into Seoul on Thursday to discuss [...]
SEOUL, Jan. 15 (Korea Bizwire) — An executive from Indian carmaker Mahindra & Mahindra Ltd. will come to South Korea this week to discuss and seek financial support from the main creditor bank of its local unit, SsangYong Motor Co., industry sources said Wednesday. SsangYong Motor confirmed Mahindra & Mahindra Managing Director Pawan Goenka will [...]
SEOUL, Feb. 11 (Korea Bizwire) — Ssangyong Motor Co. has sold more than 8,000 Tivoli compact sport utility vehicles in less than a month after its debut, possibly making it one of the biggest hit models for this year, market data showed Wednesday. Ssangyong Motor, the smallest carmaker in South Korea, started to sell the [...]